Busey Bank Lowers Stock Position in Ferrari (NYSE:RACE)

Busey Bank cut its stake in shares of Ferrari (NYSE:RACE) by 9.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 486 shares of the company’s stock after selling 52 shares during the quarter. Busey Bank’s holdings in Ferrari were worth $206,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Cerity Partners LLC boosted its position in shares of Ferrari by 14.0% in the third quarter. Cerity Partners LLC now owns 26,915 shares of the company’s stock worth $12,653,000 after purchasing an additional 3,308 shares during the period. Miracle Mile Advisors LLC lifted its stake in shares of Ferrari by 123.9% during the 4th quarter. Miracle Mile Advisors LLC now owns 9,005 shares of the company’s stock valued at $3,826,000 after buying an additional 4,983 shares in the last quarter. Rheos Capital Works Inc. boosted its holdings in Ferrari by 30.3% in the 3rd quarter. Rheos Capital Works Inc. now owns 111,700 shares of the company’s stock worth $52,511,000 after buying an additional 26,000 shares during the period. Raymond James & Associates increased its stake in Ferrari by 1.4% in the 3rd quarter. Raymond James & Associates now owns 50,940 shares of the company’s stock worth $23,948,000 after buying an additional 693 shares in the last quarter. Finally, Franklin Resources Inc. raised its holdings in Ferrari by 60.0% during the third quarter. Franklin Resources Inc. now owns 22,055 shares of the company’s stock valued at $10,707,000 after acquiring an additional 8,267 shares during the period.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Evercore ISI upped their price objective on Ferrari from $475.00 to $565.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 22nd. UBS Group upped their price target on Ferrari from $478.00 to $513.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. JPMorgan Chase & Co. upgraded shares of Ferrari from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $385.00 to $525.00 in a research report on Friday, October 11th. Finally, StockNews.com lowered shares of Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, two have issued a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, Ferrari presently has a consensus rating of “Moderate Buy” and a consensus price target of $507.14.

Ferrari Price Performance

Ferrari stock opened at $432.34 on Friday. Ferrari has a 52-week low of $345.92 and a 52-week high of $498.23. The company has a quick ratio of 3.55, a current ratio of 4.57 and a debt-to-equity ratio of 0.93. The firm’s fifty day moving average is $433.77 and its 200 day moving average is $448.48. The company has a market cap of $105.38 billion, a price-to-earnings ratio of 50.21, a PEG ratio of 3.73 and a beta of 0.95.

Ferrari (NYSE:RACE) last announced its earnings results on Tuesday, November 5th. The company reported $2.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.11 by ($0.03). The business had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.80 billion. Ferrari had a net margin of 22.16% and a return on equity of 44.67%. The firm’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.98 earnings per share. Sell-side analysts forecast that Ferrari will post 8.59 EPS for the current fiscal year.

Ferrari Profile

Ferrari N.V., through its subsidiaries, engages in design, engineering, production, and sale of luxury performance sports cars worldwide. The company offers range, special series, Icona, and supercars; limited edition supercars and one-off cars; and track cars. It also provides racing cars, and spare parts and engines, as well as after sales, repair, maintenance, and restoration services for cars; and licenses its Ferrari brand to various producers and retailers of luxury and lifestyle goods.